Janney Montgomery Scott LLC Sells 123,405 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Janney Montgomery Scott LLC lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 16.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 616,143 shares of the natural resource company's stock after selling 123,405 shares during the quarter. Janney Montgomery Scott LLC's holdings in Freeport-McMoRan were worth $23,463,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Public Sector Pension Investment Board boosted its position in Freeport-McMoRan by 74.3% during the second quarter. Public Sector Pension Investment Board now owns 55,421 shares of the natural resource company's stock valued at $2,693,000 after acquiring an additional 23,629 shares during the last quarter. Insigneo Advisory Services LLC lifted its stake in shares of Freeport-McMoRan by 95.7% in the 2nd quarter. Insigneo Advisory Services LLC now owns 12,175 shares of the natural resource company's stock valued at $592,000 after purchasing an additional 5,954 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at about $525,000. AXA S.A. grew its stake in Freeport-McMoRan by 101.5% during the second quarter. AXA S.A. now owns 32,814 shares of the natural resource company's stock worth $1,595,000 after purchasing an additional 16,531 shares during the period. Finally, AQR Capital Management LLC increased its holdings in Freeport-McMoRan by 28.1% in the second quarter. AQR Capital Management LLC now owns 285,529 shares of the natural resource company's stock worth $13,877,000 after purchasing an additional 62,663 shares in the last quarter. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

Shares of FCX traded down $0.72 on Friday, reaching $37.78. 19,073,988 shares of the company's stock traded hands, compared to its average volume of 10,110,935. The stock's 50 day simple moving average is $40.81 and its two-hundred day simple moving average is $43.95. The stock has a market cap of $54.29 billion, a PE ratio of 27.58, a PEG ratio of 2.39 and a beta of 1.87. Freeport-McMoRan Inc. has a 52-week low of $36.26 and a 52-week high of $55.24. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.42 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FCX has been the subject of several recent analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating for the company in a research report on Thursday, January 16th. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating on the stock in a report on Friday. BMO Capital Markets dropped their price target on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a research note on Friday. Sanford C. Bernstein lowered Freeport-McMoRan from an "outperform" rating to a "market perform" rating and lowered their target price for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, Raymond James boosted their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average price target of $51.46.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.